US imposes sanctions on 8 crypto firms for assisting Iran

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According to Walla, the US Treasury Department announced on Friday that it has imposed sanctions on eight digital asset service companies for allegedly assisting the Iranian regime, the IRGC, and other sanctioned entities in transferring funds to and from Iran, thereby bypassing US restrictions. According to the administration, these companies converted Iranian rials and other currencies into digital assets, with some transferring funds to accounts linked to the IRGC and terrorist activities. It was further reported that some companies changed their names and addresses to evade detection, and some were involved in laundering money derived from drug trafficking. The move was coordinated with Canada as part of the 'Economic Outcast' operation, aimed at targeting the funding sources of Iran and its proxies in the Middle East. The administration warned that any entity worldwide assisting Tehran in bypassing sanctions risks facing US punitive measures.